As always Sun nite question where's it going - I seems to have broken prev demand (blue) and has dropped below .5 fib/$26-$76 and is presently testing $50.50 mthly S/R . Prev support below (blue) - 47.22 - strongest is at $ 45.48 / .618/ $26-$76 . IG client (retail) sentiment is app 89% long - if support is show at this level I'll look for a range upward...
There's a black T-line from $26 that dissects present pivot which could be used as support As always Sun nite question where's it going - I seems to have broken prev demand (blue) and has dropped below .5 fib/$26-$76 and is presently testing $50.50 mthly S/R . Prev support below (blue) - 47.22 - strongest is at $ 45.48 / .618/ $26-$76 . IG client (retail)...
watching retrace prev demand zone above (blue) . Eur open should be interesting - Keep your head up and stick on the ice .
At the moment it's knocking on the Mthly S/R at 57.83 note lower mthly 57.24 play to get to this level - Pink Heartline is my direction atm support on 3 hr tf - $57.15 / .5 fib from $63. . Above we have $57.83 -$ 58.16 mthly levels and .618 - $58.61 My 1st support test if it falters would be $ 57.6 or mthly 57.24 etc.. Eur has been gaining but......
Watching for support -retrace potential - 53.25 or lower if we get a pop tonight I'll be looking for a bull trap NY open - 11 am ? NY volume should be interesting - expect the unexpected. Sunday nite fun ! GL
Watching for support -retrace potential - NY volume should be interesting - expect the unexpected. Sunday nite fun !
As you can see it's trying to gain support at mthly 61.60 black channels support / ma's showing range . If I look back at prev mthly above (eclipse) 63.37 support broke . blue arrows are hidden demand on 8 hr tf . Bear view is continuation downward below $60 through last wks demand . Bull view is back to 63.37 + mthly level . Considering a move with NY...
As you can see it's trying to gain support at mthly 61.60 black channels support / ma's showing range . If I look back at prev mthly above (eclipse) 63.37 support broke . blue arrows are hidden demand on 8 hr tf . Bear view is continuation downward below $60 through last wks demand . Bull view is back to 63.37 + mthly level . Considering a move with NY...
This may try for implied HS or rejected by double channel top and 144 Red ma . note 2002 Fib .618 break -
My bias is support is greater than resistance (medians /mthly) at this point - long term .5 fibs /supply retest ? watching blue/red wedge. Supply above -Demand below along with .618/.788 etc
New Fib Aug/13 ( .5 ) retrace /Supply Dec/14 test -Blue eclipse expected target if we continue North . The big question is how much more -good spot for a retail flush . Dxy in play
BIG week coming up ECB Tues/ BOC / BOJ -rate decisions - I expect movement between Dashed lines - seems like it needs to confirm support below -Median (Blue) and mthly -possibly to blue eclipse . But... could test supply above first - Fib in play - Be careful out there .
Different Median angle - Eur might dip a bit before ECB Tues - if so we may continue up before test lower to median (Blue)
Think I got the phase right now - SOW -sign of weakness- support required -Once we have confirmation should head North above BC 64.85 - Eur strong 3 hr -Dxy looks weak at present - keep an ear open for budget news .
looks like support test again - Dxy budget imminent . LL ?